German utility RWE and US-based asset manager Apollo Global Management have agreed to a long-term partnership to secure funding for RWE’s stake in Germany’s transmission system operator (TSO) Amprion.
Amprion is one of Germany’s four TSOs and operates the transmission grid in the country’s economic heartland, which spans across seven German federal states, serving approximately 29m people.
Under the agreement, Apollo will pay €3.2bn ($3.76bn) to RWE in exchange for an equity stake in a newly established joint venture. This JV will hold RWE’s 25.1% stake in Amprion. The transaction is expected to close in the fourth quarter of 2025.
RWE will receive the funds upfront and will subsequently reinvest the proceeds into Amprion through the JV as required to support its grid expansion programme.
RWE will retain operational control of the JV and continue to manage the Amprion stake while consolidating the JV in its financial statements. Dividends from Amprion will be shared between RWE and Apollo.
Apollo, leveraging its long-dated capital and infrastructure-focused investment expertise, will act as a long-term partner to RWE.
